BTCUSD to see a downtrend(4Hr) | Price moving around midline

Market in last 24hrs

• BTCUSD saw a sideways movement with the price crossing above and coming back to midline
  
• Price volatility was very high. The market moved ~3.89%, between $19,625k and $18,889k
  

Today’s Trend analysis

• BTCUSD expected to see a downtrend as the price observed a local resistance with a potential double top pattern
  
• Price at time of publishing: $18,990
  
• BTC’s market cap: $353 Billion
  
• Oscillator indicators are mostly neutral. RSI at 50
  
• Moving average indicators are indicating a downtrend Ichimoku Cloud is neutral
  
• Volume indicators observed an increase with an increase in price while observed a decrease in volume as the price decline
  

Price expected to see a downtrend as the price observed a local resistance with a potential double top pattern. Most of the Oscillator indicators are neutral. MACD line crossed below the signal line, with the histogram size increasing in the negative region suggesting bearish bias. RSI at 50, in the neutral region, close to the midline. CCI at around -64, in the neutral region with a down move. Another interesting point to notice here is that the volume observed an increase with an increase in price while observed a decrease in volume as the price decline indicating a strong buying pressure.
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The analysis is based on signals from 28 technical indicators, out of which 17 are moving averages and the remaining 11 are oscillators. These indicator values are calculated using 4Hr candles.

Note: Above analysis would hold true if we do not encounter a sudden jump in trade volume .

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- Mudrex